diff --git a/README.md b/README.md
index c5ca10c..6a46b23 100644
--- a/README.md
+++ b/README.md
@@ -53,3 +53,7 @@ If you'd rather run the Docker image yourself, you can read more about that in t
 
 You are welcome - and encouraged - to modify Campfire to your liking.
 Please see our [development guide](docs/development.md) for how to get Campfire set up for local development.
+
+## Security
+
+See [SECURITY.md](SECURITY.md) for how to report a vulnerability and a description of our trust model.
diff --git a/SECURITY.md b/SECURITY.md
new file mode 100644
index 0000000..4472371
--- /dev/null
+++ b/SECURITY.md
@@ -0,0 +1,22 @@
+# Security
+
+Report vulnerabilities through our [HackerOne program](https://hackerone.com/basecamp) or at
+https://github.com/basecamp/once-campfire/security. Note that Campfire is in scope for our security
+program, but is not bounty eligible.
+
+## Trust model
+
+Campfire is self-hosted and single-tenant, so the administrator is the server operator,
+with shell, network, and database access already. Anything requiring the administrator
+role grants nothing they do not already have, and is not a vulnerability.
+
+We do want reports of anything a **non-administrator** can reach, and of any credential or
+network path held by the Campfire process but not by the operator's own shell.
+
+## Intentional behavior
+
+Bot webhook URLs are unrestricted: an administrator can point one at any address,
+including internal ones, because operators legitimately wire bots to their own services.
+Link unfurling is different because any member can trigger it by pasting a URL, so it
+validates destinations through `RestrictedHTTP::PrivateNetworkGuard`. The difference is who
+picks the destination.
diff --git a/app/models/webhook.rb b/app/models/webhook.rb
index d8e7b43..5c307e7 100644
--- a/app/models/webhook.rb
+++ b/app/models/webhook.rb
@@ -24,6 +24,8 @@ class Webhook < ApplicationRecord
         Net::HTTP::Post.new(uri, "Content-Type" => "application/json").tap { |request| request.body = payload }
     end
 
+    # No PrivateNetworkGuard, unlike Opengraph::Fetch: only an administrator sets this URL,
+    # and operators legitimately point bots at their own internal services.
     def http
       Net::HTTP.new(uri.host, uri.port).tap do |http|
         http.use_ssl = (uri.scheme == "https")